Iraq intends to reach oil production of 7 mb/d, and to stop gas flaring as well as importing fuel from Iran by 2025. The country is also targeting to expand its oil export capacity to 6 mb/d. In 2019, Iraq produced 4.7 mb/d of crude oil, while its oil exports averaged 4.7 mb/d. In addition, its natural gas production reached 9.5 bcm.
Most recently, in an energy ministerial meeting with the US Secretary of Energy and the Iraqi Ministers, the Iraqi Ministers of Oil and Electricity and five separate US firms, including Honeywell, Baker Hughes, GE, Stellar, and Chevron, signed US$8bn worth of energy agreements.
Honeywell and the Ministry of Oil agreed to advance the development of the Ar Ratawi gas project, which will further enable Iraq to capture, process, and utilize indigenous gas resources to meet domestic energy demand. Meanwhile, Baker Hughes and the Ministry of Oil agreed to further collaborate on flare gas-to-power opportunities and the deployment of US oil field services and equipment. Chevron and the Iraqi Ministry of Oil outlined a framework for entering into exclusive negotiating on an exploration, development, and production contract in the Dhi Qar Province.
Iraq is among the four largest gas flaring countries which account for accounted for 45% of all global gas flaring over the 2017-2019 period. The country's gas flaring volume in 2019 was 17.9 bcm.